October 2021 year-to-date revenue collections above estimate
OKLAHOMA CITY — General Revenue Fund collections in October totaled $611.3 million, which is $45.4 million, or 8.0%, above the monthly estimate. This is $86.6 million, or 16.5%, above collections in October of 2020. Total GRF collections through the first four months of fiscal year 2022 are $2.4 billion, which is $291.4 million, or 13.9%, above the estimate, and $70.3 million, or 3.0%, above prior year collections for the same period.
“Our state’s economy and workforce are again proving to be resilient and strong,” said state Chief Operating Officer and Executive Director of the Office of Management and Enterprise Services Steven Harpe. “Our oil and gas markets continue to showcase growth and sales tax records indicate that consumers are investing in Oklahoma’s local economies.”
As state government’s main operating fund, the GRF is the key indicator of state government’s fiscal status and the predominant funding source for the annual appropriated state budget. GRF collections are revenues that remain for the appropriated state budget after rebates, refunds, other mandatory apportionments and after sales and use taxes are remitted back to municipalities. In contrast, gross collections, reported by the State Treasurer, are all revenues remitted to the Oklahoma Tax Commission.
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